Hyperliquid Strategies Inc.

Pavel argues Hyperliquid stands apart because it never raised venture capital, eliminating the competing incentives that plague VC-backed exchanges where early investors dump tokens upon vesting. Unlike platforms like Celestia or Blast that wasted grants on ephemeral builders, Hyperliquid focused on ruthless execution: it now captures 13.6% of Binance's volume and competes directly with major CEXes rather than just other perp DEXes. The combination of open architecture with a sticky consumer product, plus positive P&L from treasury strategies, makes traditional valuation frameworks obsolete—HYPE is neither pure equity nor pure speculation.

Capital Flows argues Hyperliquid's real value lies not in ETF flows but in attracting massive institutional capital seeking cheap leverage on interest rate and FX markets—the largest markets in the world. If funding rates on Hyperliquid become competitive enough, it captures Eurodollar market demand to hedge dollar surplus, positioning the platform as a TradFi-crypto bridge that could drive $HYPE to $350 this year. Capital Flows holds $PURR, the only Hyperliquid treasury company with positive P&L, as the direct beneficiary of this thesis.

ZJ argues PURR is structurally different from other digital asset treasuries because Hyperliquid generated $857M in 2025 fees with $837M flowing to buyback-and-burn, creating a deflationary token dynamic (~19M bought back annually versus ~7M emitted), while carrying zero debt and zero preferreds unlike Strategy. Base case values PURR at $10.59 by 2030 (+63% over 5 years) on $76 HYPE at 20x P/E and 1.1x NAV; bull case reaches $20.84 (+220%) at $127 HYPE and 1.3x NAV.